Internal Revenue Service-Priority Guidance Plan

Most employers are still trying to digest all of the new laws, regulations, and other guidance issued during the last year. The Internal Revenue Service (IRS) and Treasury Department jointly released a Priority Guidance Plan (the Plan) for the Jul 2006 through Jun 2007 period. The Plan includes a list of items that the IRS and Treasury Department intend to address during this period. This Plan contains 264 projects, only a small portion of which relate to employee benefit issues. The employee benefit section of the Plan includes 18 retirement benefit related projects and an additional 19 projects related to executive compensation, health, welfare and other employee benefits, and employment taxes. This guidance may take the form of new regulations and other types of guidance.